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CPA Australia Financial-Accounting-and-Reporting Exam Overview:
| Certification Vendor: | CPA Australia |
| Exam Name: | CPA Financial Accounting and Reporting |
| Exam Number: | Financial Accounting and Reporting (FR) |
| Related Certifications: | CPA |
| Available Languages: | English |
| Exam Price: | AUD 350–500 (varies by year and region) |
| Exam Format: | Multiple Choice Questions, Constructed Response / Case Study |
| Passing Score: | Typically 65% (may vary by session) |
| Real Exam Qty: | Varies (combination of MCQs and constructed response tasks) |
| Certificate Validity Period: | CPA designation is maintained through membership; exam itself does not expire once passed |
| Exam Duration: | 180 minutes |
| Recommended Training: | CPA Australia Learning Resources Kaplan CPA Review Becker CPA Review |
| Exam Registration: | CPA Australia CPA Program Registration |
| Sample Questions: | CPA Australia Financial-Accounting-and-Reporting Sample Questions |
| Exam Way: | Computer-based exam delivered via approved test centres or remote proctored options depending on region |
| Pre Condition: | Entry into the CPA Program requires completion of prerequisite accounting and business knowledge subjects or accredited equivalent qualifications. |
| Official Syllabus URL: | https://www.cpaaustralia.com.au/cpa-program |
CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Consolidated Financial Statements | - Group accounting
|
| Financial Reporting Framework | - Conceptual framework for financial reporting
|
| Financial Statement Analysis and Interpretation | - Analysis techniques
|
| Revenue Recognition | - Revenue from contracts with customers
|
| Financial Statements | - Preparation and presentation
|
| Liabilities and Equity | - Financial instruments and obligations
|
| Assets | - Asset recognition and measurement
|
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which one of the following is an objective of the International Federation of Accountants (IFAC)?
A) to provide advice on accounting standards to the OECD
B) to issue new international financial reporting standards (IFRS)
C) to establish high quality professional standards in accountancy
D) to provide direction to the Financial Accounting Standards Board (FASB)
2. Which one of these concepts suggests that stock prices react to new information almost instantly?
A) efficient market
B) bargaining power
C) incentive substitution
D) market power
3. Which one of the following describes the key advantage of the manual system of accounting?
A) A thorough understanding of the business can be gained through it.
B) The quality of output is not necessarily an issue.
C) Processing is maintained at a reasonable speed even while dealing with large volumes of data.
D) Corrections are easily managed as updating or recreating the whole document is not difficult.
4. According to the IASB Conceptual Framework, income is an increase in economic benefits in the form of I)inflows.
II)decreases of liabilities.
III)enhancements of assets.
IV)contributions from equity holders.
A) I, II and IV only
B) I, II and III only
C) II, III and IV only
D) I, III and IV only
5. A decrease in assets is most likely to be recognised in the financial report as
A) an expense.
B) a change in equity.
C) revenue earned.
D) a liability.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: A |
By Meroy
